GE Lending provides $175 mn DIP credit facility to Goody's Clothing

23 Oct '08

2 min read

GE Commercial Finance Corporate Lending today announced it provided a $175 million plan of reorganization credit facility to Goody's Family Clothing Inc., a moderately priced family apparel retailer. The loan was used to refinance the company's debtor-in-possession (DIP) financing upon the company's emergence from a Chapter 11 bankruptcy. In June, GE Corporate Lending also provided the company with a $175 million DIP credit facility. GE Capital Markets arranged both transactions.

Founded in 1953 in Knoxville, Tennessee, Goody's is an apparel retailer providing clothing and accessories for all ages. The company operates 287 stores primarily within the Southeastern U.S.

“GE made a significant financial commitment allowing us to keep our bank group to a minimum and have access to capital when we needed it,” said David Peek, executive vice president and CFO for Goody's. “We valued having a lender with both restructuring and retail expertise who could provide financing in such uncertain times.”

“The combination of our retail and restructuring expertise allows us to quickly understand the unique needs of retailers seeking financing to reorganize and reenergize their businesses,” said Tom Quindlen, president and CEO of GE Corporate Lending. “Whether in good or challenging times, we specialize in providing customers with smarter capital to help support their business strategies.”

GE Commercial Finance

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